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Money Management Articles

Budgeting

Five tips for living peacefully with 'boomerang kids' - 4/30/2013
Due to the recent recession and continuing economic weakness, more and more adult children are still living with their parents or have moved back in with them.

Is now a good time to buy or sell a home? - 4/30/2013
If you’ve been waiting on the sidelines to purchase a home, or to put yours on the market, has the time for action finally arrived?

Choosing a financial services provider - 4/14/2013
April is Financial Literacy Month, so it’s the perfect time to evaluate your personal financial plan and identify what areas of your strategy are doing well and what areas may need some change. Creating a personal financial plan is an important part of developing and maintaining your long-term financial security.

Financial literacy education at work - 4/14/2013
The economy may be showing signs of improvement, but research shows employees are still not confident about their own financial situations.

Student loan debt and default: Don't sacrifice your credit - 3/3/2013
Student loan debt and default are at historic highs. Take a few moments to understand the ramifications of defaulting on a student loan. The Minnesota Society of Certified Public Accountants (MNCPA) offers this insight, including information for parents about co-signing for a student loan and what that could mean to their own financial future.

What to do when friends or family ask for money - 2/14/2013
While it’s natural to want to help when someone needs financial assistance, it’s important to be careful. Money can drive a wedge into friendships and family relationships. And there are tax-related considerations. The Minnesota Society of Certified Public Accountants (MNCPA) offers these steps to take before you commit to lending money, not only to ensure everyone understands the details of the loan, but also to reduce the likelihood of breaking a tax law.

The American Taxpayer Relief Act: What it means to your wallet - 2/14/2013
President Obama signed what is now the American Taxpayer Relief Act of 2012 (ATRA) into law on Jan. 2, 2013, preserving most of the George W. Bush-era tax cuts and extending many other lapsed provisions. According to the Minnesota Society of Certified Public Accountants (MNCPA), the ATRA contains provisions that impact nearly every taxpayer, not just the high earners.  Don’t miss out on some of these now-permanent deductions that could help lower your tax liability.

Getting organized for tax season - 2/13/2013
Here are some simple steps you can take now to get your tax documents organized so you’re not in panic mode this April. Your income, deductions and expenses, and investment documents all have a home in this easy-to-use and easy-to-maintain filing system.

Need help sticking to your financial New Year's resolutions? - 1/31/2013
A recent survey by Harris Interactive found that the top financial goals for 2013 are paying down or eliminating credit card debt, increasing emergency savings or planning for retirement, yet over the past five years 43 percent have failed to achieve these goals. If this sounds familiar, the Minnesota Society of Certified Public Accountants (MNCPA) offers these practical tips for getting your financial house in order.

Taking a trip over the fiscal cliff: Expiring tax cuts and deficit-cutting compromise measures leave American taxpayers with lots of uncertainty - 12/17/2012
The term “fiscal cliff” has become a popular phrase among politicians and pundits over the past several months, but what does it mean? If the United States goes over it, will you be affected? The so-called fiscal cliff actually refers to two separate sets of economic events that will take place starting Jan. 1, 2013. If politicians in Washington fail to come to an agreement, a popular set of tax cuts will expire. At the same time, a plan for severe government budget cuts will begin to be phased in. Over the long term, the combined effect would be significant.

Smart tips on charitable giving - 12/3/2012
This is the season of goodwill to all, a time when people take time to think of others. In addition to giving gifts and planning holiday get-togethers, that means many people are also dipping into their pockets to make donations to worthy charities. While that’s a good impulse, it’s important to do your charitable giving wisely. The Minnesota Society of Certified Public Accountants (MNCPA) provides the following advice on ways to make your money the most productive.

Budgeting for the holidays: Smart spending for the season - 11/15/2012
The countdown to the holiday season has officially begun with decorations on store shelves and gift catalogs filling mailboxes. A recent study by the Consumer Electronics Association shows that individual consumers plan to spend $1,634 overall this holiday, up 11 percent from last year. Unfortunately, much of that spending will be done on credit cards. That may make consumers feel gloomy when they get their bills in January.

Life after bankruptcy - Getting your credit and finances back on track - 9/18/2012
More than 600,000 new bankruptcy cases were filed in the first half of 2012. If you were one of them, it may feel like your financial future is doomed. Not so, says the Minnesota Society of CPAs (MNCPA). While you will face challenges post-bankruptcy, you can chart a new financial course with a commitment to educating yourself, becoming more disciplined with your money and credit, and learning some valuable lessons.

Live well in retirement - 8/20/2012
Many retirees face concerns about how they will manage to pay for a secure and happy retirement. The good news is that there are many costs that retirees typically don’t face, such as commuting to work, buying a business wardrobe or saving for their children’s college tuition. Many other expenses will stay the same, and the Minnesota Society of Certified Public Accountants (MNCPA) advises that you can make some smart choices in order to live well on a fixed retirement budget.

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